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- [Instructor] If you wanna understand your companys profitability, then you need the income statement. The income statement shows you your profitability for a period of time. It could be a day. It could be a week, a month, could be an entire quarter or a year. For most small businesses, youre going to be looking at your income statement over the period of a month. And then youll be sitting down with your accountant at the end of the year, to look at the entire year. The income statement calculates profitability by adding up all of your sales in the period, and then subtracting all of your expenses in the period. Sales minus expenses is equal to net income. If net income is positive, youre profitable. If net income is negative, then youve suffered a loss and youre not profitable. Let me show you a quick example. Lets say that in January we had a total sales of $10,000, and that all of our expenses added up to $8,500. If we subtract the 8,500 from 10,000, well end up with a net